On October 17, 2024, the Reserve Bank of India had, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, issued Directions to the following NBFCs:
Sl. No. | Name | NBFC-Category | CoR | Registered at |
1. | Asirvad Micro Finance Limited | MFI | N-07-00769 dated September 27, 2016 | Chennai |
2. | DMI Finance Private Limited | ICC | N-14.03176 dated January 5, 2009 | New Delhi |
To cease and desist from sanction and disbursal of loans, effective from close of business as of October 21, 2024. Subsequently, the above-mentioned companies initiated remedial action and submitted their various compliances to the Reserve Bank. Now, having satisfied itself based on companies’ submissions, and in view of their adoption of revamped processes, systems, and the companies’ commitment to ensure adherence to the Regulatory Guidelines on an ongoing basis, especially for ensuring fairness in the loan pricing, the Reserve Bank has decided to lift the afore-mentioned restrictions placed on both, Asirvad Micro Finance Limited and DMI Finance Private Limited, with immediate effect. The business restrictions that were imposed on two other NBFCs vide Reserve Bank’s orders dated October 17, 2024, viz. Navi Finserv Pvt Ltd and Arohan Financial Services Limited have been lifted vide our orders dated December 2, 2024 and January 3, 2025, respectively. (Puneet Pancholy)
Chief General Manager Press Release: 2024-2025/1877 |
